SHANGHAI, Mar. 7 (SMM) – The SHFE 1305 lead contract price started at RMB 14,900/mt and moved narrowly between RMB 14,850-14,880/mt on March 6, and finally closed at RMB 14,880/mt, down RMB 20/mt from the previous trading day. Trading volumes fell 100 lots to 96 lots, while positions were down 10 lots to 2,068 lots. Most market players opted to wait on the sidelines, combined with unimproved demand in spot lead market, investors feared SHFE lead prices lacked impetus to rebound.
Spot lead prices in China remained stable. Quotations for Chihong Zn & Ge were at RMB 14,670/mt, with spot discounts over the most active SHFE lead contract price at RMB 200/mt. Prices for Nanfang were offered at RMB 14,650/mt. Tongguan and Hanjiang were quoted at RMB 14,580-14,600/m. Goods holders actively moved goods due to inventory pressure, while downstream consumption showed a sign of stabilizing. In the afternoon, spot lead prices remained little changed as SHFE lead prices were still weak.